financially yours. question 1. lump sum of $90k

[semi-auto-mato]

a 90k lump sum huh? yeah im upgrading from ghibli to quattroporte

 

[Shuffington]

I

this is not to call people stupid or say someone failed or are ran by they woman. this is for us all to learn and build from. no one knows what happens in someone else's household that dictates their decisions. so let be bigger than a name calling kid and begin the process of building with each other.

Beautiful disclaimer,but you know the IC aint sh*t.

With that said... in my personal situation... I would finish paying off my student loans...

I would still have a significant amount of money that I could put toward small home improvements.

I would look to some mutual funds to place the rest.

maybe savings bonds or something else that would benefit me down the road.

 

[Go figure]

Pay off loans/debt as quickly as possible.

90k can be blown easily in a year especially if u go traveling.

Of course its easier said than done.

 

[2stepz_ahead]

I though I said with the current presented situation.

which means .

no student loans.

wtf

 

[Peace_79]

Investment.

 

[AZTG]

If possible, always keep cash in hand. This doesnt mean real cash but put the money in investments you can easily liquify.

Reason is because you always want cash in hand to have a safety net incase you hit hardship, or on the positive side, incase an oppurtunity arises.

 

[EmM HoLLa.]

Investment.

To add to this.. Make sure the roi... On the investment is higher than the interest rate on the debt you have. If you cannot get a higher rate of return on the 90 than you are paying in debt. Pay whatever debt you have first. Excluding the mortgage. Especially if you are gainfully employed. 90k isn't enough money. Plus interest paid on mortgages is tax deductible.

Overall you want to try to turn that 90 into a million dollars. At least that would be my plan. It can happen if you aren't afraid of a little risk and are cerebral in your approach..

 

[King$osa]

I would pay the house off as soon as possible.

 

[313 wayz]

Granted that you and your wife are working, you should both keep your day job to cover the living expenses of you and your family. Don't tell nobody about your lump sum because you have to be selfish until you are squared away. Stay away from these fake ass Forex Gurus that be flexing on Facebook / Instagram because they are scammers and will finesse you.

Only after trading options (Iron Condors and Verticals with a high probability of profit) on a demo account for about 4 - 6 months, deposit 30k into a trading broker account. Using the advanced search feature, search for options with high probability profit of 70% or higher and consistently do that with multiple trades. Even though you have 30k in your account, the total amount off open trades should not be more than 5-10k. If done on a consistent basis, you may be able to live off of some of the profits. My wife and I are moderately aggressive so we usually get 2000-3500 a piece every 3 weeks on our Iron Condor investment of 20k but that took a minute for us to master that.

Put 30k towards my home and get refinanced.

The last remaining 30k can be put in savings and checking but unsure of how it should be split up.

 

[kzzl]

Shit, all of the fucking above. Pay the 9k you got left on the house, live life off the 88k in savings, and the 10 years of previous payments should already have your credit right.

 

[count remy]

Not trying to be THAT guy but do I have a 15 or 30 year mortgage? And is the $180k, total or what's left?

 

[Young_Chitlin]

I want to get my house paid off asap

 

[ineedpussy]

Not trying to be THAT guy but do I have a 15 or 30 year mortgage? And is the $180k, total or what's left?

thats a good ass question. because at first i was gone say drop atleast 60 or so on the crib to drop that debt but if its a 15 year loan then im just gone drop the whole 90 cause a nigga like me dont like workin full time. hell workin at all

 

[yellowtapesport]

Unless the 90k was gonna cover ALL that was left on my mortgage I wouldn't put it there..

If my kids are teens I'd invest in their education. If they are young, I'd upgrade the house, pay off other bills and maybe look into a cheap vacation condo on the beach and use for family vacations until the kids too old then sell that and invest in their education..

 

[kzzl]

Yall fuck with me on this math.

10 years of $1400 payments should come out to 168k. Subtract that from the 180k for the house, that leaves us with 12k. A'ight, I got that part wrong in my first post and it throws off everything. Starting over with that refreshing blessing of 90k, I use some of that to knock out the 12k left on the house. That leaves us with 78k. We could add that to the 7k in savings and we get... shit, we get 90k again.

My math was fucked at first, but this looking legit right here.

 

[manikongo]

10 years into a mortgage, assuming that you have a decent interest rate will put you in the low 100K, would say 110-130K left. So, will still be in debt regardless if you put all the money in the house.

2 questions: - How old are the kids

- Are we both working?

 

[mrtdb]

Investment.

Investment.

To add to this.. Make sure the roi... On the investment is higher than the interest rate on the debt you have. If you cannot get a higher rate of return on the 90 than you are paying in debt. Pay whatever debt you have first. Excluding the mortgage. Especially if you are gainfully employed. 90k isn't enough money. Plus interest paid on mortgages is tax deductible.

Overall you want to try to turn that 90 into a million dollars. At least that would be my plan. It can happen if you aren't afraid of a little risk and are cerebral in your approach..

What they said...according to the OP you pretty much have every thing handled at the rate you're currently going.

Car paid off...you're on track with your mortgage. You even have a decent savings account. Maybe add some more to the savings for a rainy day and invest.

 

[MallyG]

Yall fuck with me on this math.

10 years of $1400 payments should come out to 168k. Subtract that from the 180k for the house, that leaves us with 12k. A'ight, I got that part wrong in my first post and it throws off everything. Starting over with that refreshing blessing of 90k, I use some of that to knock out the 12k left on the house. That leaves us with 78k. We could add that to the 7k in savings and we get... shit, we get 90k again.

My math was fucked at first, but this looking legit right here.

LoL, It don't work like that bruh!

There's this thing called.... interest. You pay the majority of the interest and a small portion of the principal first and vice versa towards the end of the loan.

You're gonna owe SIGNIFICANTLY more than 12k in 10 years in mayne.

 

[32DaysOfInfiniti]

Pay off the house which excluding hypothetical interest would be about 12k

90-12=78k

Put 10k aside for each of my children's education

78-30=48k

Invest half (24k) and put the rest in savings (24k+7k=31k).

Alternate answer considering interest: I did some math and this seems like a 15 year mortgage at an interest rate a little less than 4% so...

Thats more like 80,000 to pay it off.

So still, pay the house off, put the rest (10k) in savings...

Continue life as if you never got the money.

Encourage kids to pick up instruments for that scholarship money.

 

[blakfyahking]

Yall fuck with me on this math.

10 years of $1400 payments should come out to 168k. Subtract that from the 180k for the house, that leaves us with 12k. A'ight, I got that part wrong in my first post and it throws off everything. Starting over with that refreshing blessing of 90k, I use some of that to knock out the 12k left on the house. That leaves us with 78k. We could add that to the 7k in savings and we get... shit, we get 90k again.

My math was fucked at first, but this looking legit right here.

the bolded isn't correct because mortgages are loans with payments that are amortized (google it)

so 1400 wouldn't just be 168K after 10 years of payments because of interest

10 years ago if u had a 4% fixed rate on a 30 yr loan (where 4% was a good rate right before the economy started crashing in 2007).....u should be paying around $860 a month for principal/interest, which would leave u with approximately 176K in principal to still pay off

so obviously if u paying $1400 a month, u should have a whole lot less principal to pay off..........unfortunately I don't have my financial calculator on hand.......and t/s didn't specify the interest rate on the house which changes what I would do with my money drastically